By M Rochan
International Business Times - April 29, 2014
Industrial & Commercial Bank of China (ICBC) is set to acquire Turkey's Tekstil Bankasi.
The move will gives China's biggest lender access to new business and
could help it offset a lending slowdown at home, which has pulled down
profit growth to its weakest in about five years.
ICBC on 29 April said it will acquire a 76% stake in Tekstilbank, as
the Turkish lender is known, from its parent for $316m (£188m, €228m).
The Chinese lender also said its net income for the first-quarter rose 6.6% to 73.3bn yuan ($11.71bn) from 68.7bn yuan a year ago.
The acquisition will extend state-controlled ICBC's reach overseas
and encourage China's ambitions for yuan internationalisation, Richard
Cao, an analyst at Guotai Junan Securities, told Bloomberg.
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